China pledges greater yuan flexibility as capital outflows ease

Mar 30, 2017 17:49 PM GMT+0530 | 0 Comment(s)

BEIJING, March 30 (Reuters) - China's foreign exchange regulator said on Thursday that pressure from capital outflows eased somewhat in 2016, and there will be greater flexibility in the yuan's exchange rate in 2017.

Authorities have taken a raft of steps in recent months to curb capital flight to support the yuan, while trying to bring in more foreign investment.

"With the steady progress of reforms of renminbi (yuan) exchange rate mechanism, the flexibility of renminbi exchange rate will be further enhanced," the State Administration of Foreign Exchange (SAFE) said in a statement.

The pressure on China's cross-border capital outflows abated somewhat in 2016, it said.